Q4 Highlights
- Solid processing performance: Juanicipio processed 346,766 tonnes of mineralized material in Q4, up from 322,249 tonnes in Q3 reflecting ongoing efforts to ramp up production and optimize operations.
- Robust production: Juanicipio produced 4.5 million silver ounces and 10,591 gold ounces in Q4.
- Strong grades: The average silver head grade for the quarter was 467 grams per tonne (“g/t”), marginally lower than the previous quarter but offset by higher gold and base metal grades. This continues to demonstrate the high-grade nature of the Juanicipio deposit.
- Optionality maintained: Juanicipio continued to capitalise on available milling capacity at the Saucito plant (100% Fresnillo owned) to maintain processing rates during periods of maintenance. Approximately 5% of the material processed during Q4 was processed through the Saucito plant.
2023 Full Year Highlights
- Processing growth: Juanicipio processed a total of 1,268,756 tonnes of mineralized material in 2023, exceeding expectations and achieving guidance of reaching nameplate during Q3 2023. Consistent processing growth quarter-on-quarter reflecting the commitment to scaling up operations.
- Record output: Juanicipio produced 16.8 million silver ounces and 36,732 gold ounces in 2023, a solid performance in its inaugural and ramp up year.
- Consistency: The average silver head grade for the year was 472 g/t, demonstrating the notable consistency of the Juanicipio deposit and solidifying its position as one of the highest grade silver mines in the world.
As reported to MAG by the project operator Fresnillo, mining rates continued to ramp up during the quarter supporting the increased processing rate of 346,766 tonnes of mineralized material across the Juanicipio and Saucito plants. The average silver head grade for the quarter was 467 g/t, marginally below the previous quarter as mining sequenced through lower grade. This was mitigated by higher throughput delivering preliminary production estimates for the quarter, before any adjustments from offtake agreements, of 4.5 million silver ounces and 10,591 gold ounces. Juanicipio produced 16.8 million silver ounces and 36,732 gold ounces for the year. MAG expects to release its comprehensive financial and operational results on
Comparative production highlights (100% basis):
Q4 2023* | Q3 2023* | % Chg | Q4 2022^ | % Chg | FY 2023** | FY 2022^ | % Chg | ||
Tonnes processed | t | 346,766 | 322,249 | 7.6% | 165,786 | 109.2% | 1,268,756 | 646,148 | 96.4% |
Head grades | |||||||||
Silver | g/t | 467 | 523 | -10.7% | 415 | 12.5% | 472 | 520 | -9.2% |
Gold | g/t | 1.37 | 1.32 | 3.8% | 1.31 | 4.6% | 1.27 | 1.39 | -8.6% |
Lead | % | 1.3 | 1.3 | 0.0% | 0.8 | 62.5% | 1.1 | 0.9 | 22.2% |
Zinc | % | 2.4 | 2.3 | 4.3% | 1.6 | 50.0% | 2.1 | 1.7 | 23.5% |
Production | |||||||||
Silver | koz | 4,505 | 4,782 | -5.8% | 1,861 | 142.1% | 16,813 | 9,250 | 81.8% |
Gold | oz | 10,591 | 9,444 | 12.1% | 5,393 | 96.4% | 36,732 | 22,252 | 65.1% |
Lead1 | klb | 9,189 | 8,467 | 8.5% | 2,547 | 260.8% | 28,353 | 10,846 | 161.4% |
Zinc2 | klb | 15,086 | 12,704 | 18.8% | 4,405 | 242.5% | 44,754 | 17,798 | 151.4% |
* Includes material processed at the Saucito and Juanicipio beneficiation plants.
** Includes material processed at the Fresnillo, Saucito and Juanicipio beneficiation plants.
^ Material processed exclusively at the Fresnillo and Saucito beneficiation plants.
1 Lead recovered to lead concentrate.
2 Zinc recovered to zinc concentrate.
“Q4 represents the fourth successive quarter of operational advancements and step changes in performance at Juanicipio with a continuous and consistent uptrend in quarterly mining and milling rates,” said
Qualified Person: All scientific or technical information in this press release is based upon information prepared by or under the supervision of, or has been approved by
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This release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995 or “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward-looking statements”). All statements in this release, other than statements of historical facts are forward looking statements, including statements that address our expectations with respect to the timing and success of the full-scale ramp up of milling activities, provisional estimates relating to production at Juanicipio for Q4 and 2023, processing rates of development materials, future mineral production, and events or developments. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements identified herein include, but are not limited to, a subsequent change in the Company’s approach to executive compensation from that approach approved by Shareholders, failure of the Company to receive approval from the
Please Note: Investors are urged to consider closely the disclosures in MAG's annual and quarterly reports and other public filings, accessible through the internet at www.sedar.com and www.sec.gov.
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2024 GlobeNewswire, Inc., source